We know choosing the right Commercial Insurance for your new business is an important decision. Partners Risk Services has the experience to market your Commercial Insurance and provide you with options for your new business. Whether you’re a store owner, distributor, office professional, or wholesaler, you need Commercial Insurance to protect you and your new business against the unique risks and exposures you face. Here are the types of Commercial Insurance you should consider when selecting and designing your business insurance program:
Commercial General Liability: Covers third party liability claims, namely claims against you from a customer or visitor on your premises, or who may be injured by your business activity or product.
Example: A customer slips on your driveway, trips on your steps, or injures himself on your premises, or customer is injured as a result of your product or service.
Commercial Business Property Insurance: Insures your building and contents both on and off premises.
Example: A fire destroys your entire building and equipment.
Employee Dishonesty Coverage: Protects your company from financial loss resulting from employee theft of money, securities, or property.
Example: An employee steals money from your company.
Workers Compensation: Provides compensation for your employees for medical care in the event they are injured on the job, including medical benefits, income benefits, death benefits, and rehabilitation benefits.
Example: You own a delivery company, and an employee is injured while making a delivery.
Business Auto: Provides insurance coverage for your company’s cars, trucks, trailers, vans, or other vehicles.
Example: You’re a beverage distributor making a delivery in the company van when another vehicle runs a stop sign and hits you.
Professional Liability: Covers you for the failure to perform professional services. If you design something or perform work which does not meet standards or expectations, you could be sued for the cost of the contract, damages, or lost business revenues by your customer.
Example: You are an architect and one of your buildings has developed a mold issue due to poor roof design.
Business Interruption Insurance: Provides protection from loss of income and extra expense if your business suffered a loss and you were unable to operate for a period of time.
Example: A major storm hits and your restaurant is completely flooded. You have to close for a month to repair all of the damage.
Equipment Breakdown Insurance: Provides coverage for the accidental breakdown of equipment.
Example: A power surge damages your computer network.
Of Course there are other coverage’s you will need, but these are some of the basic kinds of insurance. Call Partners Risk Services today for more information.